工商银行:行稳致远 稳定且可预期的红利优势

申万宏源研究
Jul 28

稳居港股大行股息率之首,低波红利属性更突出。回顾看,过去五年(2019-2024 年)工行总体保持稳健的盈利表现,归母净利润CAGR 为3.2%),背后映射了在资产质量“底盘”相对稳定的基础上,稳步改善的信用成本支撑ROE 维持11.5%的中枢水平。基于盈利稳定这一核心前提,我们看到工行(H)对应25 年股息率约5.6%、为港股大行最高,有望持续吸引以险资为代表的中长期资金流入(2024 年12 ...

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